Dredging
Made and concluded this 17th day of June A.D. 1940, by and between Loretta Meyers of Milwaukee, Wisconsin party of the first part, and Arnold C. Gallun of Milwaukee, Wisconsin party of the second part.
Witnesseth, First That the said party of the second part hereby agrees and binds himself,his legal representatives, to pay, or cause to be paid, to the said party of the first part her heirs or assigns, the sum of Five Hundred Dollars, in the manner following:One Hundred Dollars, at the ensealing and delivery hereof: Balance of Four Hundred ($400.00) Dollars payable on or before two years in monthly installments of not less than Twenty-five ($25) Dollars a month with interest computed semi-annually at the rate of six per cent (6%).
The said payments to be made to the party of the first part, at Milwaukee, Wisconsin and the same being intended to apply, when fully completed, as the purchase money for the following tract, piece or parcel of land, situated in the County of Waukesha and State of Wisconsin, to-wit:
Lot Twenty-seven (27) map of Venice Beach, a Subdivision of Block F of Plat Venice Park being a Subdivision of the Northeast one-quarter (N.E. 1/4) of Section 24, in Township 7 North, Range 17 East, in the County of Waukesha, State of Wisconsin.
The said party of the second part further agrees that he will pay, when due and payable, all taxes and assessments which have been assessed or levied on the above described premises since the 1st day of January, A. D., 1940, and also all such as may be hereafter assessed or levied thereon or upon the interest of said party of the first part in said premises; and also all taxes and assessments now or hereafter assessed or levied against any mortgage which may exist against said premises or against the note or the indebtedness secured by such mortgage or against the interest in said premises of any party holding a mortgage against said premises during the term of this contract, and promise and agree that the interest of the party of the first part and the interest of the party of the second, part in said real estate and the interest of any party holding a mortgage against said real estate during the term of this contract, shall be assessed for taxation and taxed together, without separate valuation as unincumbered real estate and shall be paid by the said party of the second part and the said party of the second part hereby waives all rights of offsets or deductions because of the payment of any such taxes and assessments, until the aforesaid purchase money shall be fully paid, in the manner above stated.
The party of the second part further agrees to hold the said premises from the date hereof, as the tenant by sufferance of the said party of the first part, subject to be removed as tenant holding over, by process under the statute in such case made and provided, whenever default shall be made in the payment of any of the installments of purchase money, interest, taxes or assessments as above specified; and not to do any act whatsoever which tends to depreciate the value of said premises.
Second, That the said party of the first part, hereby agrees and binds herself, her heirs, executors, and administrators, that, in case the aforesaid sum of Five Hundred Dollars, with the interest and other moneys shall be fully paid and all the conditions herein provided shall be fully performed at the times and in the manner above specified she will, on demand, thereafter cause to be executed and delivered to the said party of the second part, or his heirs or legal representatives, a good and sufficient Warranty Deed, in fee simple, of the premises above described, free and clear of all legal liens and incumbrances, except the taxes and assessments herein agreed to be paid by the party of the second part and except any liens and incumbrances created by the act or default of the party of the second part, his heirs, legal representatives or assigns.
Third, It is distinctly agreed and understood by and between the parties hereto, that, if the said party of the second part shall fail to make any of the payments of purchase money and interest above specified, at the times and in the manner above specified, or fail to pay the taxes and assessments, as above stipulated, or violate any other terms or conditions herein contained, this agreement shall, at the option of the said party of the first part, be henceforth utterly void, without any notice whatsoever, and all payments thereon forfeited, subject to be revived and renewed only by the act of the party of the first part, or the mutual agreement of both parties.
The said party of the second part further promises and agrees that in case of the commencement of an action to foreclose this contract, and also in case of the foreclosure thereof, he will pay, in addition to the taxable costs and expenses incurred, a reasonable sum of money as attorney's fees.
